Here is what we've done with $10K of it.....
Hubby's commuting car was a 2000 Kia Spectra. We had bought that in 2001, used obviously. We've been tracking the maintenance costs(gas mileage, repairs, etc.)on it the last 2 years. It finally got to the point where we were pouring more $ into it than we were realizing a benefit from driving it. It had over 150,000 miles on it and was coming up on needing work in the $1K+ range at the end of 2009.
So hubby started researching and seeing what was available locally used. He found this 2006 Chevy Malibu. It was part of a rental fleet and only had 29K miles on it, had good maintenance records and a clean CarFax report. It's a bit larger than the Kia so will be a bit more comfortable to drive, which is important for hubby. But it gets the same good gas mileage as his old car. It will also hold 5 passengers so we all can fit in it if need be.
I just abhor spending money on cars to begin with and I absolutely will NOT buy a new car!
Why take the financial hit for buying a new car that depreciates as soon as you drive it off the lot? If you think Chanel or Clive Christian fragrances are expensive, try the price tag on "new car smell"!lol
While I'm not happy about spending this money, it is something we needed. And by waiting and saving up and paying CASH we did NOT take on a car loan! This car costs $10K cash. It will not end up costing us over $12K because we took on a car payment of $340 a month for the next 3 years at a 6.83% interest rate.
Now we just have to decide what to do with the Kia. We run our cars into the ground but this one still has a bit of life left in it. Even though it won't benefit us much on next year's taxes we'll probably donate it rather than junk it for parts.
Sluggy
A HUGH CONGRATS! Not only for just getting a new car but for paying cash for it! That is amazing. I'm so impressed by you and your family! All that coupon clipping paid off.
ReplyDeleteYou got a great deal on the Chevy. Congratulations on paying cash for it. No car payments is just the best way to go. And people think couponing doesn't pay off. :-)
ReplyDeleteDonating the Kia is a great idea. Just make sure you research everything that you need paperwork wise for taxes before you donate it. The IRS has changed what they are looking for over the past few years.
Again, CONGRATS!
Every time your husband gets in that car he will be thinking of how much work you did over the course of 2009 to afford him that vehicle. Great job, Sluggy!! I am really glad you were able to do this for your family.
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